Evercore ISI Increases CubeSmart (NYSE:CUBE) Price Target to $53.00

CubeSmart (NYSE:CUBE) had its target price upped by equities researchers at Evercore ISI from $52.00 to $53.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “in-line” rating on the real estate investment trust’s stock. Evercore ISI’s price target would indicate a potential downside of 1.92% from the company’s previous close.

Several other research firms have also commented on CUBE. Royal Bank of Canada began coverage on shares of CubeSmart in a research note on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price objective for the company. Raymond James raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Barclays boosted their price target on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 22nd. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Finally, Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $49.75.

CubeSmart Stock Performance

CUBE opened at $54.04 on Monday. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of 30.12, a PEG ratio of 9.86 and a beta of 0.82. The company has a fifty day moving average of $49.40 and a 200 day moving average of $45.54. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $54.68.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The business had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same period last year, the business posted $0.66 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Insider Activity

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the transaction, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the transaction, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock valued at $4,244,344 in the last quarter. 1.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CubeSmart

Hedge funds have recently bought and sold shares of the business. Mather Group LLC. purchased a new stake in shares of CubeSmart in the first quarter valued at approximately $26,000. Whittier Trust Co. raised its position in CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 323 shares during the period. Rise Advisors LLC acquired a new position in CubeSmart during the first quarter worth $26,000. Ashton Thomas Private Wealth LLC purchased a new position in CubeSmart during the second quarter valued at $33,000. Finally, Larson Financial Group LLC acquired a new stake in shares of CubeSmart in the first quarter valued at about $45,000. Hedge funds and other institutional investors own 97.61% of the company’s stock.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.